Ventas : Q2 2020 Results and COVID-19 Business Update

Q2 2020 Results and COVID-19 Business Update

August 7, 2020

Table of Contents

Chairman & CEO Remarks	3
Second Quarter Overview	4 - 7
Healthcare Triple-Net and Office Business Updates	8 - 9
Senior Housing Business Update	10 - 17
Other Highlights & Developments	18 - 20
Disclosures	21

2

Chairman & CEO Remarks

"Our second quarter results demonstrate the significant benefit of Ventas's diversified portfolio. We achieved strong performance in our Office and Triple-Net Lease segments, which partially offset the unprecedented impact of the COVID-19 pandemic on our senior housing operating portfolio," said Debra A. Cafaro, Ventas Chairman and CEO. "During the quarter, we focused on the health and safety of our employees and those individuals using our properties as a first priority. We also took decisive actions to keep Ventas strong and stable and to weather the initial impact of the pandemic. We are also pleased to have reached mutually beneficial agreements with our two largest senior housing tenants, which provide certainty, flexibility and the opportunity for upside participation in the industry's recovery.

"Healthcare real estate continues to offer compelling, demographically driven growth potential, and Ventas is well positioned to benefit from these powerful tailwinds. However, the near-term clinical, financial, operational and economic environment remains dynamic and highly uncertain. We are confident that we have the experience, team, operators and diverse portfolio to manage through these uncertainties."

Debra A. Cafaro, Ventas Chairman and CEO

3

Second Quarter Results

2Q20 Earnings Metrics

Same-Store Cash NOI Growth YoY

Q2 Reported

2Q20 v. 2Q19

2Q20 v. 1Q20

Total Portfolio Same-Store Cash NOI

(13.6%)

(14.2%)

Net Income (Loss) Attributable to Common Stockholders Per Share

$(0.42)

Normalized FFO Per Share

$0.77

Segment Same-Store Cash NOI

Total Revenue ($M)

$943M

NNN

1.4%

(2.7%)

NOI, annualized ($M)

$1,750M

SHOP

(42.7%)

(35.9%)

Adjusted Pro Forma EBITDA, annualized ($M)

$1,804M

Office

2.7%

(1.4%)

2Q20 Results vs. 2Q19

Net Income

Nareit

Norm.

Key Highlights

(Loss)

FFO

FFO

2Q19 per share reported results

$0.58

$1.13

$0.97



NNN: Received substantially all expected rent from NNN tenants

Property Level Net Operating Income (Loss)

(0.19)

(0.19)

(0.19)



SHOP: Cash NOI declined $59M in line with the Company's expectations due to

Impact of Holiday Lease Termination

0.13

0.13

COVID-19 impact

Write-off of straight-line rental income, net NCI

(0.14)

(0.14)

 Office: Year-over-yearsame-store cash NOI growth of 2.7 percent driven by strong

Non-cash income tax (expense) / benefit

(0.31)

(0.31)

R&I performance. Office tenants paid 99% of contractual rent

Allowance on loan investments and impairment

(0.11)

(0.11)

 The Company recorded $260 million in non-cash items as a result of the pandemic's

of unconsolidated entities

impact primarily on senior housing

Real estate depreciation and amortization

(0.31)

 Ventas took decisive actions to ensure and strong and stable Ventas and

(Gain)/Loss on sale of real estate assets

(0.05)

reached mutually beneficial arrangements with two largest senior housing

Other Items

(0.02)

(0.02)

(0.01)

tenants

2Q20 per share reported results

$(0.42)

$0.50

$0.77

4

Decisive Actions for Strength and Stability

Continue to Prioritize Health & Safety for all stakeholders

• Increased testing & screening
• Sourced & provided personal protective equipment (PPE)
• Enhanced cleaning procedures

Mutually Beneficial Arrangements with Tenants

• Announced mutually beneficial arrangements with Brookdale
• Completed transaction to resolve Holiday lease
• Early in the COVID-19 pandemic, established support programs for tenants experiencing financial hardship

Increased Financial Flexibility and Enhancing Liquidity

• Adjusted Corporate Cost Structure: $25 - $30M annualized savings expected in 3Q20
• Prudently Declared $0.45/share Second Quarter Dividend: $130M cash conservation per quarter
• Reduced Planned 2020 Capital Expenditures: Savings of $0.3B (consistent with prior updates)
• Enhanced Balance Sheet & Liquidity: Raised $0.5B through a senior note issuance. Paid down all borrowings under revolving credit facility due to improved capital markets conditions. Company maintains a strong liquidity position of $3.5B of cash and undrawn revolver capacity

5

Ventas's Portfolio: The Power of Diversification

Research &

Innovation

Medical Office

Ventas benefits from its asset class, operator & geographical diversification of healthcare real estate

Supporting critical research focused on the detection, prevention, treatment and cure of COVID-19

• Partnered with leading research institutions including Yale, University of Pennsylvania Gene Therapy Center, Wake Forest Health Sciences, Integral Molecular, Alexion; pandemic highlights importance of biotech innovation, e.g. testing, treatment and vaccine
• 76% of Ventas R&I revenues are received from investment grade organizations and publicly listed companies

Demographic demand driven from the growth of 65+ population; positive 2Q and July utilization trends

• Supports changing healthcare trends via growth in outpatient visits and procedures
• Positive utilization trends through 2Q and July
• 94% of Ventas MOBs are in counties open for elective procedures

Health

Systems

LTACs / IRFs

Senior

Housing

During the crisis, hospitals have re-asserted their importance in health care delivery

• Nationally, hospital inpatient admissions and surgeries have rebounded quickly with differences by market; 100% of Ardent's hospitals are in counties open for elective procedures
• Acute care hospitals benefitting from significant government support, underscoring their critical importance in the U.S. health care system
• Strong rent coverage

Benefitted from increased need for hospital capacity due to COVID-19

• LTACs: Positive volume and rate trends; focus on respiratory disease / increasing partnerships with leading health systems
• IRFs: Volumes have rebounded quickly; IRF 2021 FY Medicare rate increased +2.8%
• Significant government support & recognition of value proposition

Senior housing demand drivers remain compelling

• Leading indicators improved throughout the second quarter; occupancy declining at an improving rate through July
• Increase in communities offering a more robust lifestyle
• Increased frontline staff and resident testing
• Lower percentage of confirmed resident cases even in high exposure markets
• Distinct geographic impacts
• As a result of COVID-19 pandemic, choppy waters expected to continue

6

1. COVID-19 patients are recovering, but with nowhere to go, 5/19/2020.

Healthcare Real Estate: Demographically Driven

Aging Population Fuels Demand

Percentage Growth by 2030

(Indexed to 2020)

	+2%	+4%	+48%
	Under 20	20 - 74	75+
	years old	years old	years old
2020	82 million	227 million	23 million
2030	84 million	237 million	34 million

Seniors Disproportionate Consumers of Healthcare

• Senior population growing 11x faster than other adults
• 10,000 baby boomers daily becoming Medicare eligible
• Seniors have an average net worth > $1M
• Seniors visit physician offices 2.5x more than other adults
• Seniors spend over 3.5x more than other adults on healthcare
• 45% of all Americans have at least one chronic condition

7

Sources: Census Bureau, Federal Reserve State of Consumer Finances, Peterson - Kaiser Family Foundation, National Center for Health Statistics, National Health Council.

Healthcare Triple-Net & Office Business Updates

Office and Healthcare NNN Update

Senior	Office
30%
Housing
48%

$1,751M

2Q20 Ann. GAAP NOI1

Healthcare

Loans NNN

4% 17%

Latest Office Trends

• Office Rents: Office tenants paid 99% of 2Q20 contractual rents. Tenants have already paid 97% of July contractual rents at a pace that is ahead of the 2Q20 pace.
• Leasing: VTR Office has achieved 1.5M SF of total leasing which includes 250K SF of new leasing YTD. Tenant retention has increased. MOB TTM retention was 89% and reached a record level of 97% for 2Q20.
• Office June Occupancy was 91.7%: 2Q20 SS Office pool saw a 20 bps improvement from prior quarter.
• Elective Procedures: As of August 4, 94% of MOB NOI is in counties that are open for elective procedures.
• Operational Update - MOB: All MOB buildings are open. We have sourced substantial amounts of PPE, coordinated visitor screening and provided enhanced cleaning. While cleaning costs have increased due to COVID-19, this increase has been offset by lower energy and R&M costs.
• Operational Update - R&I: All R&I buildings are open and are supporting multiple critical research organizations in fighting the pandemic.

Latest Healthcare NNN Trends

• Healthcare NNN Rents: The Company received 100% of 2Q20, July and August rents from its NNN Healthcare tenants.
• Health Systems: Nationally, hospital inpatient admissions and surgeries have rebounded, with differences by market. 100% of Ardent's hospitals are in states or counties that are open for elective procedures.
• IRFs: Industry census returned to 95%+ of pre-pandemic levels by mid-June.
• LTACs: Positive trends in 2Q20 and 3Q20 with favorable volume. This asset class has benefited from the increased need for hospital capacity due to COVID-19.
• Government Support: Healthcare providers, including acute care hospitals, IRFs, LTACs, and SNFs, have had, and may to continue to have, access to significant government funding in the form of grants, advance payments and loans to create liquidity and mitigate losses related to the COVID-19pandemic.

9

Senior Housing Business Update

Senior Housing Operating Insights

"Second quarter SHOP results were in line with our expectations. Following the significant impact of the COVID-19 pandemic in April, our leading indicators and move-ins showed sustained improvement through the end of the second quarter and into July. Currently, nearly all of our communities are accepting new move-ins and offering a richer living environment for the benefit of seniors and their families. SHOP occupancy in July showed a modest sequential decline, albeit at an improved rate versus the second quarter, because move-ins are still below move- outs. There is resilient demand for senior housing, and we continue to work with our operators to stabilize occupancy and maintain our focus on health and safety."

J. Justin Hutchens, Ventas Executive Vice President of Senior Housing, North America

11

SHOP Q2 2020 COVID-19 Financial Update1,2

SHOP Q2 2020 COVID-19 Business Update

(2Q20 390 Sequential Same-Store SHOP Assets)

	March	Q1 2020		April	May	June	Q2 2020		Q2 Trend
Leads	11,617	44,734	7,407	9,345	12,454	29,206
Move-Ins (Residents)	1,008	4,083	371	651	1,171	2,194
Move-Outs (Residents)	1,745	5,164	1,849	1,406	1,338	4,593
Avg. Reported Occ.	86.5%	86.9%	84.2%	81.7%	80.7%	82.2%
Revenue	187	562	177	171	168	516
Total OpEx	135	397		139	138	134	411
EBITDAR	$52	$165	$38	$34	$34	$106
vs. Q1 monthly avg.			(31.0%)	(38.8%)	(38.0%)	(35.9%)

SHOP Q2 2020 Sequential OpEx Trends

(2Q20 390 Sequential Same-Store SHOP Assets)

SHOP Q2 2020 Sequential Occupancy Trends (2Q20 390 Sequential Same-Store SHOP Assets)

86.9%(470bps)

		82.2%
	Q1 2020		Q2 2020
	Avg. Reported Occupancy		Avg. Reported Occupancy

SHOP Q2 2020 Sequential NOI Trends

(2Q20 390 Sequential Same-Store SHOP Assets)

			Management Fees			RevPOR decline from		($59M)
~8.8%	~5.5%			disproportionate number of net move-
	Sales & Marketing	$165M		outs in high price-point communities,
Higher	Lower		Repair & Maintenance
	($30M)	primarily in NY & NJ.
			Resident Services
			Administrative			($15M)
			Labor "Flexing"
							($13M)
	Labor		~3.4%		Outsized occupancy decline		$106M
	PPE & Supplies		Higher		in the Northeast of (760bps)	~36%
	COVID-19 Testing				sequentially
	Cleaning Services & Other						Decline
Q2 2020	Q2 2020		Q2 2020	Q1 2020	Occupancy	Rate	OpEx	Q2 2020
COVID-19 Costs	Mitigating Costs		Operating Costs	NOI	Decline	Decline		NOI

1. Reflects Q2 2020 sequential same-store pool (390 assets). 2. Certain of the information contained herein has been provided by our operators and we have not verified this information through an independent investigation or	12
otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

SHOP Leading Indicator & Occupancy Update

Customer Leads (2Q20 387 of 390 SEQ SS SHOP Assets)1

Customer Leads as % of Prior Year2 Shown in Blue Bars; Shaded Bars Denote Partial Weeks

Ventas SHOP Community Opening Segmentation (as of 08/04)2

3,500

April: 7,407

May: 9,345

June: 12,454

July: 13,112

48% of PY

59% of PY

77% of PY

74% of PY

3,000

2,500

2,000

1,500

1,000

500

0

4/1

4/8

4/15

4/22

4/30

5/1

5/8

5/15

5/22

5/31

6/1

6/8

6/15

6/22

6/30

7/1

7/8

7/15

7/22

7/31

Move-In Trend (2Q20 387 of 390 SEQ SS SHOP Assets)1

Move-Ins as % of Prior Year2 Shown in Blue Bars; Shaded Bars Denote Partial Weeks

	April: 371	May: 651	June: 1,172	July: 1,193
500	24% of PY	37% of PY	70% of PY	72% of PY

Restricting - Segment 1

Operating in a Tightly Restricted Environment

• Informed consent: considerations made to support the greater healthcare system and local economic reopening plans
• Advanced screening/isolation
• Prohibited move-ins
• Take deposits for future move-ins
• ~30% of communities on 06/03

4% of Communities

in Segment 1

Recovering - Segment 2

Operating in a Restricted Environment

• Opening to move-ins with strict protocols
• Restricting or prohibiting non- medically essential visitors
• Isolated 1x1 activities and dining limited in resident rooms
• ~70% of communities on 06/03

10% of Communities

in Segment 2

Revitalizing - Segment 3

Operating in a Less Restricted Environment

• Allowing small groups of resident activates and dining
• Allowing non-medically essential visitors in a limited capacity

86% of Communities

in Segment 3

400

300

200

100

0

4/1

4/8

4/15

4/22

4/30

5/1

5/8

5/15

5/22

5/31

6/1

6/8

6/15

6/22

6/30

7/1

7/8

7/15

7/22

7/31

Move-Out Trend (2Q20 387 of 390 SEQ SS SHOP Assets)1

	Move-Ins as % of Prior Year2 Shown in Blue Bars; Shaded Bars Denote Partial Weeks	July: 1,437
	April: 1,849	May: 1,406	June: 1,338
800	112% of PY	88% of PY	86% of PY	85% of PY

600

400

200

0

4/1

4/8

4/15

4/22

4/30

5/1

5/8

5/15

5/22

5/31

6/1

6/8

6/15

6/22

6/30

7/1

7/8

7/15

7/22

7/31

Spot Point-to-Point Occupancy Trend

(2Q20 390 Seq. SS SHOP Assets)3

85.7%

(280 bps)

0 bps

(140 bps)

+10 bps

80.1%

(90 bps)

(20 bps)

(20 bps)

(20 bps)

Start

April

May

June

07/02

07/09

07/16

07/23

07/30

Current

(04/02)

(04/30)

(05/28)

(06/25)

(07/30)

Four Weeks (28 Days) Ending

One Week (7 Days) Ending

Despite Improving Move-In Trends, Move-Ins Continue to be Less than Move-Outs,

Reducing Occupancy at an Improving Rate

1. Reflects available data for majority of Q2 2020 sequential same-store assets (387 of 390 assets). Certain of the information contained herein has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy. 2. Subject to applicable government guidelines; segmentation 13 data as of 08/04/20 and reflects case data for 2Q20 SHOP total owned assets, incl. HFS (429 assets). 3. Reflects Q2 2020 sequential same-store assets (390 assets).

SHOP Demand Showing Resilience

Key

Size of market 2Q20 NOI1

≥ 50% move-ins vs prior year (July) 2

25%-50%move-ins vs prior year (July) 2 0%-25%move-ins vs prior year (July) 2

State color corresponds to 5-Day New Cases per 100K

1. Reflects NOI for SHOP Q2 2020 sequential same-store assets (390 assets). 2. Reflects available data for majority of Q2 2020 sequential same-store pool (387 of 390 assets).	14
Note: Certain of the information contained herein has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this

information is inaccurate in any material respect, but we cannot assure you of its accuracy.

SHOP Health & Safety Update1

Screening	Diligent practice of daily temperature checks and
symptom screening of residents, staff and visitors

Protecting	Source control using social distancing, PPE,
resident cohorts and cleaning and disinfecting

Following state requirements, including diagnostic

Testing testing of symptomatic residents and staff + early adoption of more frequent surveillance testing at select communities

Average Daily New Resident Cases Improving (as of 08/04)2

	30
	25	26.3
				>69,000 Tests
New Cases			Resident and employee tests
20			have been administered at
			our SHOP communities
15
Daily
Average	10		10.6
					8.5
	5			6.6
	3.7					4.5
	0
	March	April	May	June	July	August

1. Reflects case data for 2Q20 SHOP total owned assets, incl. HFS (429 assets). 2. VTR COVID case data as of 08/04/20. Certain of the information contained herein, including intra-quarter operating information and number of	15
confirmed cases of COVID-19, has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in

any material respect, but we cannot assure you of its accuracy.

SHOP COVID-19 Clinical Update1

U.S. Confirmed Cases & Deaths (as of 08/04)2

	80,000											7,000
	70,000											6,000
	60,000											5,000
Cases	50,000											4,000	Deaths
40,000
										3,000
	30,000
	20,000											2,000
	10,000											1,000
	0											0
	3/2	3/16	3/30	4/13	4/27	5/11	5/25	6/8	6/22	7/6	7/20	8/3
				Cases		Deaths	Peak U.S. Deaths

SHOP Communities Affected by COVID-19 (as of 08/04)3

	New Resident Cases in VTR Markets (1-Wk. Avg, as of 08/04)3
40
35
30	Increased Cases in the South
25	and the West, Consistent with
U.S. Trends, with Recent
20	Improvement / Lower Cases
15
10
5

0

3/11	3/25	4/8	4/22	5/6	5/20	6/3	6/17	7/1	7/15	7/29
				New Resident Cases		Peak U.S. Deaths

Key Takeaways2,3

423

49%

Properties Have

Never Had a

Confirmed

Resident Case

214

89%

Properties Never Had a Confirmed

Resident Case and/or Have Not Had a Confirmed Resident Case in 14 Days

48

• Mortality & Confirmed Case Trends:
• • U.S. mortality as a percentage of confirmed cases has continued to improve; while the number of absolute deaths is still over 1,000/day
  • VTR community new resident cases are nearly 80% better than the peak seen in April despite increasing national confirmed cases; most are in the south and west regions, consistent with national trends
• COVID-19Government Support: HHS is providing grants to senior living providers who bill Medicaid, totaling 2% of total annual community revenues and HHS recently stated that "HHS is currently working to address relief payments to those [providers] that have yet to receive any funding…including [because of] the fact that they may only bill commercially."

Total Properties	Cumulative Properties with	Properties with Current
	Confirmed Case(s)	Confirmed Case(s)

1. Reflects case data for 2Q20 SHOP total owned assets, incl. HFS (429 assets). 2. John's Hopkins COVID database used for confirmed data, as of 08/04/20. 3. VTR COVID case data as of 08/04/20. Certain of the information contained	16
herein, including intra-quarter operating information and number of confirmed cases of COVID-19, has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We

have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

Triple-Net Seniors Housing Action & Plans

Mutually Beneficial Arrangements with Senior Housing Tenants

Brookdale Senior Living

• Addresses impact of the unprecedented COVID-19 pandemic on senior living operations
• Up-frontconsideration replaces >2.5 years of cash rent reduction
• Warrants provide Ventas with upside on Brookdale & industry recovery
• Pre-COVID-19lease coverage improves
• Increased certainty and flexibility for Ventas; creates stronger tenant

1Q20 NNN Seniors Housing1

60% Addressed

Brookdale Senior

Living

42%

$442M

1Q20 Ann1Q20. GAAPAnn. Rent

GAAP NOI

Other NNN Senior Housing Tenants

• $53M straight-line rent receivable non-cashwrite-off related to the go- forward collectability of future rents affected 8 tenants with annual cash rent of $80M
• VTR will continue to aim to collect contractual rent; however, the ultimate outcome will depend on the impact of the COVID-19 pandemic and the availability and extent of government funding for senior housing
• 1.3x EBITDARM coverage for all Other NNN Senior Housing Tenants for Q1 2020

Senior Housing NNN Business Update

Trends2

Holiday Retirement	c	Holiday
• Ventas retains upside in its 26 communities over time
• VTR receives significant value from the Holiday Lease guarantor		Retirement
	14%
		All Other
•	VTR preserves operational flexibility		Capital Senior
		40%
				Living
Capital Senior Living	c		4%
"We're committed to take action that's
• Ventas retains upside over time in its communities
• VTR receives significant value from Capital Senior		going to give us the best opportunity to
	create value in our portfolio and work with
•	VTR preserves operational flexibility

our operators to determine the best outcome."

- Justin Hutchens, Ventas EVP, Senior

Housing - North America (May 8, 2020)

• Senior Housing NNN Rent: In July, Ventas has received substantially all of its expected NNN Senior Housing cash rent due to date. In Q2 2020, Ventas received all of its expected NNN Senior Housing cash rent
• Industry Trends: Senior Housing NNN portfolio is experiencing similar negative NOI and occupancy trends as SHOP, because move-ins are still below prior year and lower than move-outs and costs are elevated. As a result, rent coverage is expected to be pressured, with partial rent mitigation provided by lease deposits and other credit enhancements
• COVID-19Government Support:
• • HHS recently announced that "HHS is currently working to address relief payments to…[providers] that have yet to receive any funding for a variety of reasons, including the fact that they may only bill commercially…"
  • Certain NNN tenants have already received PPP forgivable loans, taken payroll tax extensions and qualified for recent grants from the HHS Provider Relief Fund to Medicaid providers

1. 1Q20 Annualized GAAP NOI. 2. Certain of the information contained herein, including intra-quarter operating information and number of confirmed cases of COVID-19, has been provided by our tenants and we have not verified	17
this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

Other Highlights and Developments

Enhancing Ventas Cost Structure, Liquidity and Financial Strength

Adjusting Corporate Cost Structure

• Reducing corporate cost structure expected to result in $25 -$30M annualized savings in 3Q20

G&A ($M)$166M

$135M - 140M

2019 As Reported

Estimated Q3'20 Annualized

Sources & Uses
Near-Term Available Liquidity ($B)	August 5, 2020
Cash & Cash Equivalents	$0.6
Undrawn Line of Credit Capacity	$2.9
Total Near-Term Available Liquidity	$3.5
Near-Term Uses	Second Half 20201
Expected Capital Expenditures, Net of Committed Financing	$0.2
Announced Acquisitions	$0.0
Total Near-Term Expected Uses	$0.2

Q2 Dividend

2020 CapEx Spend (Original Guidance & Revised Expectations)

 Dividend announcement: Ventas Board declared a $0.45/sh. dividend for 2Q20

 Proactively reducing 2020 capital expenditures by $0.3B

$130M Capital

Delta

$300M

Conservation

$0.8B

($0.3B)

($M)

Change vs.

($B)

Prior

$170M

$0.4B

$0.5B

Guidance

$0.2B

$0.2B

($0.2B)

$0.1B

<($0.1B)

$0.2B

$0.1B

Guidance

Revised

<($0.1B)

1Q20 (Prior Dividend Level)

2Q20 (Declared June 19)

FAD

Redev

Development

19

Accelerated Environmental, Social and Governance (ESG) Leadership

Achievements in Major Sustainability Ratings & Rankings

First Time Inclusion in the 2020 Bloomberg Gender- Index (GEI), earning strong scores for overall

data excellence in gender pay parity and sexual policies

First Time Inclusion in Dow Jones of Public Real Estate Companies in companies that rank in the top

Maintained 1st Place Real Estate participants the third

Nareit

third

Industry Leadership & Reputation

Company Leadership Recognitions

Harvard Business Review CEO 100; Elected to American Academy of Arts and Sciences; Modern Healthcare 100 Most Influential People in Healthcare; Elected Chair of the Real Estate Roundtable

Ventas Ranked #1 in Real Estate Industry in 3BL Media's Best Corporate Citizens of 2020

Marguerite M. Nader Appointed to Board of Directors

Marguerite M. Nader has been appointed as an independent member of its Board of Directors. Independent directors comprise 91% of the Board.

• Nader is a seasoned REIT executive and CEO of Equity Lifestyle (NYSE: ELS)
• Nader will bring deep real estate and finance experience, strategic insight and a strong focus on performance to the Ventas Board

20

Forward-Looking Statements & Non-GAAP Financials

Certain of the information contained herein, including intra-quarter operating information and number of confirmed cases of COVID-19, has been provided by our operators and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

This presentation also includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's or its tenants', operators', borrowers' or managers' expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, merger or acquisition integration, growth opportunities, expected lease income, continued qualification as a real estate investment trust ("REIT"), plans and objectives of management for future operations and statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from the Company's expectations. The Company does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.

The Company's actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company's filings with the SEC. These factors include without limitation: (a) the effects of the ongoing COVID-19 pandemic and measures intended to prevent its spread on the Company's business, results of operations, cash flows and financial condition, including declines in revenues and increases in operating costs in the Company's senior housing operating portfolio, deterioration in the financial conditions of the Company's tenants and their ability to satisfy their payment obligations to the Company, constraints in the Company's ability to access capital and other sources of funding; increased risk of claims, litigation and regulatory proceedings and uncertainty that may adversely affect the Company; and the ability of federal, state and local governments to respond to and manage the COVID-19 pandemic successfully; (b) the ability and willingness of the Company's tenants, operators, borrowers, managers and other third parties to satisfy their obligations under their respective contractual arrangements with the Company, including, in some cases, their obligations to indemnify, defend and hold harmless the Company from and against various claims, litigation and liabilities; (c) the ability of the Company's tenants, operators, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness; (d) the Company's success in implementing its business strategy and the Company's ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (e) macroeconomic conditions such as a disruption of or lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations, and changes in the federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates; (f) the nature and extent of future competition, including new construction in the markets in which the Company's senior housing communities and office buildings are located; (g) the extent and effect of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (h) increases in the Company's borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of the London Inter-bank Offered Rate after 2021; (i) the ability of the Company's tenants, operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the Company's properties, to deliver high-quality services, to attract and retain qualified personnel and to attract residents and patients; (j) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and the effect of those changes on the Company's revenues, earnings and funding sources; (k) the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (l) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (m) final determination of the Company's taxable net income for the year ended December 31, 2019 and for the year ending December 31, 2020; (n) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration of the leases, the Company's ability to reposition its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations, including indemnification obligations, the Company may incur in connection with the replacement of an existing tenant; (o) risks associated with the Company's senior living operating portfolio, such as factors that can cause volatility in the Company's operating income and earnings generated by those properties, including without limitation national and regional economic conditions, costs of food, materials, energy, labor and services, employee benefit costs, insurance costs and professional and general liability claims, and the timely delivery of accurate property-level financial results for those properties; (p) changes in exchange rates for any foreign currency in which the Company may, from time to time, conduct business; (q) year- over-year changes in the Consumer Price Index or the UK Retail Price Index and the effect of those changes on the rent escalators contained in the Company's leases and the Company's earnings; (r) the Company's ability and the ability of its tenants, operators, borrowers and managers to obtain and maintain adequate property, liability and other insurance from reputable, financially stable providers; (s) the impact of damage to the Company's properties from catastrophic weather and other natural events and the physical effects of climate change; (t) the impact of increased operating costs and uninsured professional liability claims on the Company's liquidity, financial condition and results of operations or that of the Company's tenants, operators, borrowers and managers, and the ability of the Company and the Company's tenants, operators, borrowers and managers to accurately estimate the magnitude of those claims; (u) risks associated with the Company's office building portfolio and operations, including the Company's ability to successfully design, develop and manage office buildings and to retain key personnel; (v) the ability of the hospitals on or near whose campuses the Company's medical office buildings are located and their affiliated health systems to remain competitive and financially viable and to attract physicians and physician groups; (w) risks associated with the Company's investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners' financial condition; (x) the Company's ability to obtain the financial results expected from its development and redevelopment projects; (y) the impact of market or issuer events on the liquidity or value of the Company's investments in marketable securities; (z) consolidation activity in the senior housing and healthcare industries resulting in a change of control of, or a competitor's investment in, one or more of the Company's tenants, operators, borrowers or managers or significant changes in the senior management of the Company's tenants, operators, borrowers or managers; (aa) the impact of litigation or any financial, accounting, legal or regulatory issues that may affect the Company or its tenants, operators, borrowers or managers; and (bb) changes in accounting principles, or their application or interpretation, and the Company's ability to make estimates and the assumptions underlying the estimates, which could have an effect on the Company's earnings.

This presentation contains certain non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures in the Investors Relations section of the Company's website: https://www.ventasreit.com/investor-relations/non-gaap-financial-measures.

This presentation contains certain information throughout that has been provided by our operators. We have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

This presentation is not complete and is only a summary of the more detailed information included elsewhere, including in the Company's SEC filings. Readers are cautioned to refer to the Company's periodic filings furnished to or filed with the SEC, including its Annual Report on Form 10-K,Quarterly Reports on Form 10-Qand Current Reports on Form 8-K,which are prepared in accordance with GAAP. This presentation and the information contained herein should be reviewed in conjunction with such filings.

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